In a latest development today, the Blockchain Association, on behalf of its nearly 100 members, submitted a letter to President-elect Trump and the new Congress outlining crypto priorities to consider in the first 100 days.
The letter noted that following a historic election, the crypto industry is hopeful and optimistic for a friendlier regulatory environment in the United States under Trump’s leadership.
Trump’s Potential To Change Hostile Regulatory Regime
It noted that, for years, American crypto innovators have been targeted and, in some cases, driven offshore by a hostile regulatory regime. The association believes that Trump’s arrival in Washington, D.C., has the potential to change that reality. It shared five immediate steps that can be taken to support the domestic digital asset economy during the first 100 days.
The Five Steps For Friendly Regulatory Environment
The first priority it noted was to establish a crypto regulatory framework. It noted that the market structure and stablecoin legislation can be a bipartisan effort led by Congress, establishing a fit-for-purpose framework for digital assets that encourages innovation while protecting consumers.
Secondly, it noted to ‘End the debanking of crypto’. It highlighted that as crypto companies and users have been unjustly denied access to traditional banking rails critical to paying employees, vendors, and taxes, this practice should end immediately.
Thirdly, the appointment of a new SEC chair and rolling back the SAB 121, which it termed as ‘the agency’s punitive, anti-crypto accounting guidelines.’ It noted that the crypto industry has been subject to a hostile SEC and its regulation-by-enforcement approach for a prolonged period. Therefore, new leadership at the SEC is critical to ensure a fairer, more transparent, and more effective regulatory environment.
Its next priority listed is a new leadership at the Treasury Department and IRS. It pointed out that tax treatment of digital assets is irregular and proposed rules, like the Broker Rule, may drive promising companies and projects of the industry offshore entirely. It’s also critical that Treasury creates a welcoming environment for software developers and prioritizes privacy for all Americans.
Lastly, it suggested developing a crypto advisory council to work with Congress and federal regulatory agencies. It underscored that Public-private partnerships are critical to establishing smart rules that work for industry while protecting consumers.
“President-elect Trump’s vision to make America the crypto capital of the world is a hope shared by the entire crypto industry – and its founders, developers, and innovators. And it can be realized with President-elect Trump’s arrival to Washington, along with the most pro-crypto Congress in history,” noted Blockchain Association CEO Kristin Smith.
